Gregg Noel and Jonathan Ko of Skadden Arps Slate Meagher & Flom discuss the new guidance from the US Securities and Exchange Commission regarding abbreviated debt tender offers, as well as the implications of the new guidance.

Analysis: Capital Markets

This year’s capital markets research highlights 847 lawyers for their experience advising on debt and equity, structured finance, and Islamic finance offerings and transactions. Through nominations from peers and clients, these practitioners have been identified as the very best in the market.

Our research highlighted significant variety in capital markets around the world, with interviewees reporting numerous challenges caused by issues including political changes and low interest rates. Nonetheless, practitioners were broadly optimistic for the coming year, encouraged by signs of rising interest rates, increased oil prices and an influx of players such as private equity firms. We spoke to dozens of lawyers, from as far afield as Kazakhstan, Israel, Singapore and South Africa, to get their views on the current state of the market.

The past year has seen a continuation of many of the trends from 2015. The current market remains unsettled due to the geopolitical landscape, whose features include (but are not limited to) the continued low level of oil prices, the US elections and Brexit, as well as central banks worldwide maintaining low interest rates. In addition, the financial and banking sector as a whole is continuing to embrace IT and technology as part of a drive towards efficiency and competency in transactions. Globally, the legal market is mixed, yet demand for legal services remains and firms will continue to adapt to current business conditions as required.

The 2016 edition of Who’s Who Legal: Capital Markets includes over 800 listings across 56 jurisdictions in the areas of debt and equity, Islamic finance, and structured finance.

Clifford Chance and Allen & Overy lead the research this year. Both firms have over 25 listings, and demonstrate the depth and breadth of their offerings across all three areas, particularly in Europe, Asia and the Middle East. Fellow Magic Circle firm Linklaters also performs strongly.

According to lawyers 2015 was a year of uncertainty, with the unsettled state of the current market largely attributed to the slowdown in the Chinese economy, the drop in oil prices, the Brexit debate and ongoing US elections. While the global debt markets have remained buoyant, albeit with a slight downturn, the equity side has witnessed a slowdown in activity, with companies reluctant to participate until the market becomes less sceptical. Furthermore, the practice area has seen a boom in the fin-tech sector over the past year, as alternative sources of funding, such as online and peer-to-peer lending, continue to diversify the market and broaden the options available for those seeking access to capital.

This year, our listings comprise of 609 practitioners recognised across three distinct areas within capital markets law; debt and equity, Islamic finance and structured finance. Clifford Chance leads the way in our research with individuals recognised in all three sections. Following closely behind is Allen & Overy, which has practitioners from its offices across the Middle East, Asia-Pacific and Europe singled out. Four further firms also stand out; Linklaters, Latham & Watkins, Freshfields Bruckhaus Deringer and Sidley Austin.

We also recognise the leading individuals in the world for debt and equity, Islamic finance and structured finance.

By summer 2013, the financial media worldwide was speaking as if the post-recession era had reached a turning point. Although widespread economic revival and extremely low interest rates have recently inspired the growth of capital raising, this position has been widely viewed as unsustainable. As a result, observers are concerned with how the market will cope with rising interest rates and the quantitative easing policy of central banks, as they try to navigate their way out of crisis management.

This year’s research into the leading capital markets lawyers focused on three distinct areas of specialism: debt and equity; structured finance; and Islamic finance. Through extensive conversations with lawyers and corporate counsel, we have identified the firms and practitioners that stand out worldwide. Allen & Overy leads this year's research with an impressive 22 inclusions, followed very closely by Clifford Chance which boasts 21 listings.

Nominees have been selected based upon comprehensive, independent survey work with both general counsel and private practice lawyers worldwide. Only specialists who have met independent international research criteria are listed.